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North America Proton Exchange Membrane (PEM) Fuel Cell Market Size
- Report ID: GMI8699
- Published Date: Mar 2024
- Report Format: PDF
North America PEM Fuel Cell Market Size
North America PEM Fuel Cell Market was valued USD 902.1 million in 2023 and is anticipated to grow at a CAGR of 8.7% between 2024 and 2032. It is a type of fuel cell that generates electricity through an electrochemical reaction between hydrogen and oxygen. It operates based on the principle of converting the chemical energy stored in hydrogen fuel directly into electrical energy, with water and heat as the byproducts.
Large scale expansion of hydrogen infrastructure, including production, storage, and distribution facilities along with investments in hydrogen production technologies, electrolysis, and hydrogen refueling stations will stimulate the business landscape. Additionally, growing concerns about air pollution, greenhouse gas emissions, and energy security with PEM fuel cells offering long-range capabilities, rapid refueling, and zero tailpipe emissions will fuel the industry growth. Furthermore, shifting focus toward decentralized energy solutions, such as microgrids and off-grid power systems, is creating opportunities for PEM fuel cells to provide localized, clean energy generation.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America PEM Fuel Cell Market Size in 2023: | USD 902.1 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.7% |
| 2032 Value Projection: | USD 1.83 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 100 |
| Tables, Charts & Figures: | 50 |
| Segments covered: | Application and Country |
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North America PEM Fuel Cell Market Scope
